The bottom line

The Securities and Exchange Commission has pursued significantly fewer cases and lower penalties under President Trump. From last February through September, the Wall Street regulator brought 15 cases and collected $127 million in civil penalties. In a comparable period in 2016, it brought 43 cases and collected $702 million in penalties. NYMag.com

Global smartphone sales fell for first time ever last year, as incremental upgrades failed to persuade users to trade up for a new model. Nearly 408 million smartphones were sold to consumers in the final three months of 2017, a 5.6 percent fall from the fourth quarter of 2016 and the first decline since research firm Gartner began tracking the smartphone market in 2004. Financial Times

Domino’s has laid claim to the title of world’s biggest pizza chain, edging out Pizza Hut for global sales in 2017. Domino’s sold $12.2 billion worth of pizza globally last year, compared with Pizza Hut’s $12.03 billion. Chicago Tribune

Wool is cool again—and it’s driving up prices. As brands such as Adidas and Under Armour offer wool apparel, and Silicon Valley favorite Allbirds wool sneakers become a global trend, wool prices have increased to about $14 a kilogram, up 56 percent from 2016. The increase comes as the sheep population in Australia and New Zealand, the world’s largest wool exporters, is near a 100-year low. The Wall Street Journal

One in 5 workers with a high school education or less is subject to a noncompete, agreement. In the fast-food industry, more than half of major franchises forbid their franchisees from competing for one another’s workers. The New York Times

Wall Street’s 40 percent chance

How do Wall Street analysts and pundits never really get it wrong? They put the odds of something happening at “about 40 percent,” said Rolfe Winkler and Justin Lahart in The Wall Street Journal. “A favorite forecasting tactic of Wall Street analysts and other prognosticators,” giving something a 40 percent chance of happening is a way to “make a bold call without being too bold” and “never have to say you were wrong.” If you say the Dow has a 40 percent chance of hitting 30,000 by year’s end, and it happens, your prediction looks smart. If it doesn’t happen, you can “weasel” your way out. “The old 40 percent trick!” said Stephen Roach, formerly Morgan Stanley’s chief economist. “A warning of a looming forecast change, a rising risk assessment, a way to cover your rear—or a combination of all three.” ■